Power Grid: Price Remains Below the Daily Ichimoku Structure

closed at ₹266.25 on the daily chart, almost unchanged. The stock has been moving sideways to lower since its May peak near ₹325, and the recent candles show hesitation around the ₹260–₹270 range. The indicator setup is still cautious. Price is below the anchored VWAP at ₹267.55 and below the Tenkan-sen at ₹268.43. The Kijun-sen is slightly higher at ₹268.83, while the Ichimoku cloud begins around ₹268.63 and extends towards ₹277.90. This creates a compact resistance band immediately above the current price. The first bullish signal would be a close above ₹268.80, followed by a sustained move through ₹277.90. A recovery above the cloud could open the way towards ₹285 and ₹290. Until then, the cloud is likely to act as overhead supply. On the downside, ₹260 is the immediate support. A break below that level could bring ₹255 and then the recent ₹250 area into focus. The lagging span is also not providing a clear bullish confirmation, so the chart currently favours patience until price reclaims the VWAP and cloud together. Power Grid’s transmission-network business offers relatively stable, regulated cash flows, but the chart needs a clear breakout before the current sideways structure can be considered resolved.